Financial

JOY GROUP Records Impressive Annual Results, Continues to Cement Position as Leading Cosmetics Company in China

Juyi Cosmetics Co., Ltd. (“JOY GROUP”), the multi-brand China-based cosmetics company, has released its financial results for FY2022, showcasing a c. 30% YoY increase in estimated GMV, reaching USD313.8 mn (RMB 2.2bn), and annual revenue of USD256.7 mn (RMB1.8 bn). JOY GROUP has continued to secure strong double-digit revenue growth and sustainable profitability for consecutive years, solidifying its position as a leading player in China’s domestic beauty industry.

Headquartered in Shanghai, JOY GROUP has evolved into a multi-brand beauty company with digital-first DNA and omnichannel expertise. The company operates a network of flagship stores on major e-commerce platforms and over 25 offline monobrand boutiques, serving over 60 million consumers through its direct-to-consumer channels.

JOY GROUP boasts two iconic cosmetics brands, JUDYDOLL and JOOCYEE, selling two products every second in 2022. JUDYDOLL, catering to a colorful, sweet, and fun lifestyle, ranks as the No. 2 brand in the domestic cosmetics category on Douyin (TikTok China). On the other hand, JOOCYEE exudes a modern, romantic, and tailored style for Asian female consumers. The brand has witnessed tremendous growth in the past two years, ranking as the No.1 domestic lipstick brand and No. 6 within the domestic cosmetics category on Tiktok China.

The company’s integrated end-to-end supply chain capability from R&D, procurement, production, inventory to delivery, remains a key advantage in a fast-evolving market. JOY GROUP has fully acquired and integrated a cosmetics manufacturer located in Shanghai, with strong innovation capability in cosmetics, skincare, and perfumery. The integration of in-house R&D lab, factory, e-commerce operation, retail stores, and marketing hubs enables JOY GROUP to remain agile and responsive.

JOY GROUP is backed by leading investors from global and local backgrounds, including General Atlantic, Tencent, and Shunwei Capital (co-founded by Lei Jun, the founder and CEO of Xiaomi). The company has been proactively expanding to overseas markets since 2020. JUDYDOLL has been gaining popularity among consumers in Japan and Malaysia, benefitting from its emerging presence in local offline channels with high price-to-value portfolio offerings. JOOCYEE has achieved a significant milestone, penetrating its 600th store overseas, with its footprint expanding beyond APAC (mainly Japan and Australia) to Canada.

The cosmetics industry in China continues to experience rapid growth, driven by increased consumer spending, an expanding middle class, and an ever-growing e-commerce market. JOY GROUP’s success can be attributed to its ability to tap into these trends and provide high-quality products that cater to the evolving needs of consumers. With its innovative capabilities, integrated supply chain, and strong investor backing, JOY GROUP is well-positioned to continue driving growth in China’s cosmetics market and beyond.

As a leading player in China’s beauty industry, JOY GROUP is committed to upholding ethical standards and ensuring that its products are safe and compliant with regulations. The company has implemented strict quality control measures and adheres to relevant laws and regulations in all aspects of its operations.

In conclusion, JOY GROUP’s impressive FY2022 results are a testament to its unwavering commitment to innovation, quality, and customer satisfaction. With its strong performance and continued expansion, JOY GROUP is poised to remain a key player in China’s cosmetics industry and a force to be reckoned with in the global market.